Waterman Village and Adobe Funding

At a glance

• What: a request for 1,000,000 dollars of City surplus funds for Waterman Village (20 affordable homes plus a rehabilitated historic adobe and park) being developed by Smart Share Housing Solutions on City-owned land.
• Where it stands: Council did not allocate funds on 2026-11-10. Staff said it had not yet received a formal funding request and wants to review financials and a fundraising plan first.
• Next: The exclusive negotiating agreement expires in February; staff plans to bring an extension, with financial statements and a fundraising plan, to the 2027-02-02 Council meeting.

Details

• The developer is under an exclusive negotiating agreement with the City. Council members discussed ways to help, such as subsidizing permitting costs, rather than a grant that is paid back to the City.
• A past City grant of 100,000 dollars to another adobe project was cited for comparison.
• Council members asked staff to be ready to discuss both this request and the museum request in February.

Sources

• Meeting video captions and agenda: 2026-11-10 - City Council
• Agendas: https://pub-slocity.escribemeetings.com
• Minutes archive: https://opengov.slocity.org/WebLink/Browse.aspx?id=851&dbid=0&repo=CityClerk

Log

2026-11-10 - City Council

Waterman Village and Adobe Funding0